Optimizing Corporate Travel Expenses Using Business Intelligence – In today’s fast-paced business world, efficient travel management plays an important role in ensuring smooth business operations. As organizations increasingly recognize the importance of optimizing travel spend and improving the employee experience, the integration of data and analytics has emerged as a game changer. By harnessing the power of data and leveraging advanced analytics, companies can gain valuable insights and make informed decisions, resulting in better cost control, increased traveler satisfaction and streamlined processes.
Data is the backbone of any successful corporate travel program. With the increasing digitalization of travel booking systems and the proliferation of mobile apps, large amounts of data are generated at every stage of the travel process. This data, when analyzed and used appropriately, can provide organizations with valuable insights into travel patterns, spending trends and employee preferences.
Optimizing Corporate Travel Expenses Using Business Intelligence
By leveraging data-driven decision making, companies can identify cost-saving opportunities and negotiate better deals with suppliers. For example, analysis of historical data can help identify travel patterns, allowing organizations to negotiate discounted rates with select airlines and hotel chains. This information allows travel managers to optimize travel itineraries, select the most cost-effective routes and ensure compliance with travel policies.
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In addition to cost optimization, the use of data and analytics can significantly improve the traveler experience. By analyzing travelers’ preferences, companies can personalize their itineraries, tailoring them to individual needs and preferences. Personalization can include assigning preferred seats, offering customized travel packages and ensuring that the travel booking platform seamlessly integrates with expense management tools.
Traveler feedback analysis and sentiment analysis can also help companies improve the overall travel experience. By capturing feedback through surveys or social media monitoring, organizations can identify pain points, fill service gaps, and proactively address any issues travelers face. This not only improves passenger satisfaction, but also increases employee morale and productivity.
Travel risk management is a critical aspect of corporate travel. Data and analytics play a critical role in identifying potential threats and ensuring employee safety and well-being. By integrating travel data with external sources such as weather forecasts, reports of political unrest, and health advisories, companies can proactively assess potential risks and take preventive measures.
Real-time data analytics can help identify travelers who may be affected by unexpected events or disruptions, allowing organizations to provide timely assistance and support. By leveraging data-driven insights, travel managers can implement effective duty of care programs, ensuring the safety of their employees during travel emergencies.
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While the benefits of using data and analytics in corporate travel management are clear, organizations must overcome some challenges. These challenges include data security, privacy concerns, integrating data across multiple systems, and ensuring data accuracy. Implementing strong data governance policies and using advanced analytics tools can help address these challenges and maximize the value of data-driven insights.
In the era of data-driven decision making, harnessing the power of data and analytics is critical for effective corporate travel management.
By leveraging the wealth of data generated during the travel process, organizations can make informed decisions, optimize costs, improve traveler experiences and mitigate risks. As technology continues to advance, organizations that embrace data and analytics in their travel management strategy will gain a competitive advantage by ensuring efficient and seamless travel experiences for their employees.
Peter Caputo is Head of the Valuation Practice at Deloitte Transactions & Business Analytics LLP (DTBA) and the US. A leader in the hospitality industry, supporting Deloitte’s hotel, cruise, timeshare and online travel agency (OTA) clients. Using his background in engineering, accounting and valuation, he helps clients evaluate a company’s assets, liabilities and overall business.
Anthony Jackson has over 20 years of experience advising clients on debt restructuring, working capital improvement, vendor due diligence, liquidity and cash flow modeling, store closing analysis, contract intake/decline processes and corporate restructuring. Jackson Deloitte’s US Also serves as Aviation Practice Leader and Deloitte US. Liquidity Management and Working Capital and Liquidity Services are practice leaders.
Ramya Monitor is a Principal at Deloitte, the strategy practice of Deloitte Consulting. She co-leads the company’s consumer loyalty offering and was previously responsible for its US hospitality business.
Ramya helps clients in both B2C and B2B industries understand the disruptive trends impacting their business and design transformation programs or offers to address those factors. It focuses on the role that intentional customer engagement and loyalty can play in driving business growth and how it spills over across the organization to enable success.
Ramya has served clients in a broad range of industries including travel and hospitality, retail, consumer products, food, sports, manufacturing and distribution services. Ramya joined Deloitte in 2013 as part of its acquisition of Monitor Group. Ramya received her MBA from the Wharton School of the University of Pennsylvania and a Bachelor of Science in Foreign Service from Georgetown University’s Walsh School of Foreign Service.
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As Deloitte’s Head of Research for Transportation, Hospitality and Services, Maggie Rauch works with the firm’s leadership to design and execute research on the state and future of the industry. She has over a decade of experience as a travel industry subject matter expert and research team leader.
Brian Terry is a managing director at Deloitte Consulting LLP and serves as the firm’s global aviation leader. With over 25 years of industry experience, Terry has successfully led challenging and complex projects across the airline business, including commercial strategy, operational excellence, customer experience, loyalty, crew and workforce management, costs, information technology and industry consolidation.
Corporate travel, which took a hit during the pandemic, is showing green again. But will it return to pre-pandemic levels soon? How will the shift to remote work affect returns for internal meetings, client visits and conferences? The answers to these questions will determine how travel businesses and suppliers will operate in the new normal.
Shortly after the COVID-19 pandemic shut down global travel, one thing became clear: corporate travel would make a slower comeback than leisure travel, with international travel almost certainly lagging nationally. Although much remains to be seen, these predictions have largely been confirmed. US travel providers are starting to see some relief in the first half of 2021. With the success of the vaccine rollout and updated Centers for Disease Control and Prevention (CDC) guidelines calling travel safe for the vaccinated,
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Entered the return of domestic leisure travel (for more details read our report, Passionate but cautious).
Conferences and trade shows, which account for a significant volume of business travel, remain largely virtual. Many offices remain closed, limiting both sales and project-based corporate travel: Companies are struggling to ask employees to take business trips, and many of their customers, suppliers, and partners have yet to open their doors to employees. Leave the visitors. alone
However, these conditions are temporary. Conferences and other industry events have begun their return to live and hybrid formats, which will accelerate in the fall of 2021. Some workers returned to the office in the summer of 2021 and others will do so this fall. The extent and shape of these key points of corporate life are unclear, but they are returning and corporate travel will increase.
Although many companies have found relative success with only a year of essential travel, business leaders understand the value of face-to-face communication. And just like returning to office work, road warriors fall on all points of the spectrum: from the desire to return to airports, hotels and conference rooms, to the belief that they can do their jobs effectively with significantly less travel.
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The reality is somewhere in between. Competitive and growth imperatives will make it necessary to resume business travel. But travel use cases are being re-evaluated based on their impact on profits and the environment, as well as their ability to be transformed by now widely adopted technology platforms.
The report is based on a combination of qualitative and quantitative research to assess the timing and nature of business travel returns with quarter-by-quarter projections through the end of 2022 (for more details, see the “About the Research” sidebar) and Deloitte’s Why We Fly Matrix report.
Provides a structured view of the effects of technology replacement for period travel. The matrix categorizes travel use cases into four categories based on their importance to business success versus the effectiveness of technology substitutes. This analysis shows the types of trips that are likely to return and which types are likely to face long-term decline. Travel providers that prioritize accordingly and adapt their products, services and messaging to meet changing needs can capture a larger share of spending as it returns over the next few years.
The report is based on a survey of 150 travel managers, executives of various titles and oversight of travel budgets conducted from May 28 to June 10, 2021. Deloitte conducted interviews in parallel with the survey, including executives from companies whose airlines spent 2019. Average US$123 million.
• Corporate travel is expected to grow significantly in the second half of 2021, but will still remain below pre-pandemic levels. Total spending is expected to reach 25%-35% of 2019 levels in the fourth quarter of 2021, although a third of companies say it will remain below 25% of 2019 spending.
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